VAIL RESORTS INC
For the period ended Jul 31, 2026. Filed Sep 28, 2026.
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FY2026 · Filed Sep 28, 2026
MTN$159.89+0.8%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
(In thousands, except per share amounts)
| Year Ended July 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Net revenue: | |||
| Mountain and Lodging services and other | $2,367,221 | $2,464,910 | $2,388,227 |
| Mountain and Lodging retail and dining | 464,790 | 499,002 | 492,260 |
| Resort net revenue | 2,832,011 | 2,963,912 | 2,880,487 |
| Real Estate | 6,193 | 435 | 4,704 |
| Total net revenue | 2,838,204 | 2,964,347 | 2,885,191 |
| Operating expense (exclusive of depreciation and amortization shown separately below): | |||
| Mountain and Lodging operating expense | 1,485,203 | 1,507,993 | 1,458,369 |
| Mountain and Lodging retail and dining cost of products sold | 167,960 | 181,988 | 188,054 |
| General and administrative | 434,006 | 433,714 | 410,027 |
| Resort operating expense | 2,087,169 | 2,123,695 | 2,056,450 |
| Real Estate operating expense | 11,985 | 6,213 | 9,514 |
| Total segment operating expense | 2,099,154 | 2,129,908 | 2,065,964 |
| Other operating (expense) income: | |||
| Depreciation and amortization | (305,610) | (296,437) | (279,073) |
| Gain on sale of real property, net | 13,163 | 24,404 | 6,285 |
| Change in estimated fair value of contingent consideration (Note 9) | (19,239) | (9,379) | (47,957) |
| (Loss) gain on disposal of fixed assets and other, net | (6,823) | 6,933 | (9,633) |
| Income from operations | 420,541 | 559,960 | 488,849 |
| Mountain equity investment income, net | 829 | 3,919 | 1,053 |
| Investment income and other, net | 11,129 | 10,126 | 18,592 |
| Foreign currency gain (loss) on intercompany loans (Note 6) | 80 | 20 | (4,140) |
| Interest expense, net | (205,623) | (171,628) | (164,599) |
| Income before provision for income taxes | 226,956 | 402,397 | 339,755 |
| Provision for income taxes (Note 10) | (56,212) | (104,421) | (92,776) |
| Net income | 170,744 | 297,976 | 246,979 |
| Net income attributable to noncontrolling interests | (23,209) | (17,972) | (15,874) |
| Net income attributable to Vail Resorts, Inc. | $147,535 | $280,004 | $231,105 |
| Per share amounts (Note 5): | |||
| Basic net income per share attributable to Vail Resorts, Inc. | $4.13 | $7.54 | $6.10 |
| Diluted net income per share attributable to Vail Resorts, Inc. | $4.12 | $7.53 | $6.09 |
| Cash dividends declared per share | $8.88 | $8.88 | $8.56 |
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